 | |
| Company type | Public |
|---|---|
| Industry | Petroleum industry |
| Founded | 1971; 55 years ago (1971) |
| Founders |
|
| Headquarters | Devon Energy Center,, U.S. |
Key people | |
| Products | Petroleum Natural gas Natural gas liquids |
Production output | 737 thousandbarrels of oil equivalent (4,510,000 GJ) per day (2024) |
| Revenue |  US$15.9 billion (2024) |
| US$2.89 billion (2024) | |
| Total assets | US$30.5 billion (2024) |
| Total equity | US$14.5 billion (2024) |
Number of employees | 2,300 (2024) |
| Website | devonenergy |
| Footnotes / references [1] | |
Devon Energy Corporation is an American company engaged inhydrocarbon exploration. It is organized inDelaware with operational headquarters in the 50-storyDevon Energy Center inOklahoma City, Oklahoma. Its operations are in theDelaware Basin,Eagle Ford Group, and theRocky Mountains (Williston Basin andPowder River Basin).[1]
The company is ranked 267th on theFortune 500[2] and 607th on theForbes Global 2000.[3]
As of December 31, 2024, the company had proved reserves of 2,155 millionbarrels of oil equivalent (1.318×1010 GJ), of which 42% waspetroleum, 29% wasnatural gas liquids, and 29% wasnatural gas.[1]
Devon was founded in 1971 by John Nichols (1914-2008) and his son,J. Larry Nichols.[4] In 1988, the company became apublic company via aninitial public offering.[4]
In October 2012, the company completed construction of its current headquarters, the 50-storyDevon Energy Center inOklahoma City,Oklahoma and closed its office in theAllen Center inDowntown Houston.[5]
In February 2016, Devon announced plans to lay off 1,000 employees, including 700 in Oklahoma City, and cut its quarterlydividend to $0.06 per share due to low prices of its products.[6][7] In 2021, it instituted a fixed plus variable dividend structure that resulted in a record high dividend.[8]
| # | Year | Company | Price | Description of Assets | Ref(s). |
|---|---|---|---|---|---|
| 1 | February 1992 | Hondo Oil and Gas | $122 million | Oil and gas reserves and seven natural gas processing plants | [9] |
| 2 | January 1996 | Kerr-McGee | $250 million | North American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights | [10] |
| 3 | July 1998 | Northstar Energy | $750 million | Oil and gas properties in Canada | [11] |
| 4 | August 1999 | PennzEnergy | $2.2 billion | Oil and gas properties in the Gulf of Mexico | [12] |
| 5 | May 2000 | Santa Fe Snyder | $3.35 billion | Oil and gas properties in thePermian Basin, Rocky Mountains, and the Gulf of Mexico | [13][14] |
| 6 | September 2001 | Anderson Exploration | $4.6 billion | Oil and gas properties in Canada | [15] |
| 7 | August 2002 | Mitchell Energy | $3.1 billion | Oil and gas properties in theBarnett Shale of Texas | [16] |
| 8 | April 2003 | Ocean Energy | $5.3 billion | Deepwater sites in the Gulf of Mexico | [17] |
| 9 | May 2006 | Chief Oil & Gas | $2.2 billion | Barnett Shale leaseholds | [18] |
| 10 | February 2014 | GeoSouthern Energy | $6.1 billion | Eagle Ford assets | [19] |
| 11 | October 2014 | Crosstex Energy | Merger of midstream assets to form EnLink Midstream, LLC | [20] | |
| 12 | December 2015 | Felix Energy | $2.5 billion | Oil and gas properties in thePowder River Basin andAnadarko Basin | [21] |
| 13 | January 2021 | WPX Energy | $2.56 billion | Oil and gas properties in theWilliston Basin and the Permian Basin | [22] |
| 14 | July 2022 | RimRock Oil and Gas | $865 million | Williston Basin assets | [23] |
| 15 | September 2022 | Validus Energy | $1.8 billion | Eagle Ford assets | [24] |
| 16 | October 2024 | Grayson Mill Energy | $5 billion | Williston Basin assets | [25] |
| # | Year | Buyer | Price | Description of Assets | Ref(s). |
|---|---|---|---|---|---|
| 1 | March 2010 | BP | $7 billion | Assets in Brazil, Azerbaijan, and the Gulf of Mexico | [26] |
| 2 | April 2014 | Canadian Natural Resources | C$3.125 billion | Conventional assets in Canada | [27] |
| 3 | June 2014 | Linn Energy | $2.3 billion | 900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas | [28][29] |
| 4 | July 2017 | Penn Virginia | $340 million | Lavaca County assets in the Eagle Ford | [30][31] |
| 5 | June 2019 | Canadian Natural Resources | C$3.8 billion | Assets in Canada | [32][33] |
| 6 | October 2020 | Banpu Kalnin Ventures (BKV) | $770 million | Assets in theBarnett Shale | [34] |
Devon has contributed millions of dollars to politicians and political organizations, almost entirely to organizations and individuals affiliated with theRepublican Party.[36]
After agreeing with theObama administration to install systems to control the illegal emission of hazardous chemicals, Devon backed out of such agreements during thefirst presidency of Donald Trump due to rollbacks of environmental regulations.[37]
In 2014, an investigation byThe New York Times uncovered that a three-page letter signed byScott Pruitt, then theAttorney General of Oklahoma, to theUnited States Environmental Protection Agency advocating for a relaxing of laws related tohydraulic fracturing was actually written by lobbyists for Devon Energy and not by Pruitt.[38]
In November 2019, ablowout at a Devon natural gas well prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns ofYorktown, Texas andNordheim, Texas until the well was capped. It took 35 hours to get the issue under control.[39] The company paid $48,750 in fines for the incident.[40]
In September 2021, the company agreed to pay $6.15 million to resolve allegations that it violated theFalse Claims Act of 1863 by underpaying and underreporting royalties for natural gas from federal lands in Wyoming and New Mexico.[41]
| International | |
|---|---|
| National | |
